www.varchev.com

Trend-confirming bar on EUR/USD - what's next

EUR/USD Daily

Rating:

12345
Loading...

EUR / USD extended the losses on Tuesday, recording 4 consecutive days of losses. The pair fell below the key technical level of 1.1400 and is currently changing hands at 1.1342, the lowest price since July 2017. The pair broke under consolidation support that lasted 2.5 months and bears again control the market.

The downward movement at EUR / USD correlates with the rise in the dollar index, which touched a new 13-month high. Like the currency pair, DXY has been consolidating since the end of May and broke up at the end of last week.

EUR / USD has met the expectations of traders, for the time being observing their technical formation. On Tuesday, an engulfing, trend-confirming bar on a daily chart is formed, which suggests that bulls' headaches have not yet ended.

These levels are not good for short positions as there is no place to put and protect the Stop Loss, but by the end of the week I expect each rise to give a good opportunity to add to the short exposure to the trend.


 Trader Aleksandar Kumanov

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance

London


25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256

Universal numbers

World Financial Markets - 0700 17 600    Varchev Exchange - 0700 115 44

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.


Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

chat with dealer
chat with dealer
Cookies policy